Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,145/mo
Lowest payment- Down payment
- $197,587
- Funds due
- $207,901
- Interest + MI left
- $80,732
- First ends
- Sep 2051
Assumption
Assumption + second
$2,341/mo
+$1,196/mo- Down payment
- $34,587
- Funds due
- $46,473
- Interest + MI left
- $348,305
- First ends
- Sep 2051
New loan
New conventional
$2,487/mo
+$1,342/mo- Down payment
- $34,587
- Funds due
- $43,195
- Interest + MI left
- $451,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,913 | $145,913 | $308,913 |
| Second mortgage | — | $163,000 | — |
| First P&I | $695.12 | $695.12 | $2,092.68 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $117.09 | $117.09 | $61.78 |
| Taxes, insurance & HOA | $332.42 | $332.42 | $332.42 |
| Total housing payment | $1,144.62 | $2,340.66 | $2,486.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,587
Closing costs & prepaids$11,886
Usable credit−$0
Total buyer cash needed$46,473
Earnest money paid−$0
Remaining funds due$46,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,435.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$412.25
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$107.22
Prepaid interest, second (9 days)$321.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 9 moOf the original 30-year loan at 2.98%
Interest already paid$24,408Through Dec 2026
Assumption only · ends Sep 2051$80,732
Assumption + second · ends Sep 2051, second Jan 2057$348,305
New conventional · ends Jan 2057$451,682